A 16-acre multifamily development headed to North Austin

Multifamily developers are trying to keep up with all the new office space going up in North Austin’s Domain neighborhood. Often referred to as the city’s “second downtown,” the mixed-use community has expanded over the years to include several new office towers—and they keep on coming. Amazon leased 330,000 square feet of office space in an under-construction high-rise there last month. That office development is happening alongside the growth of retail and entertainment complexes and

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Hakimian changes Midtown hotel plans to residential

“When events change, I change my mind. What do you do?” Nobel-winning economist Paul Samuelson famously said. The Hakimian Organization does too. The real estate firm filed documents changing a 113,000-square-foot Midtown project from hotel to mainly residential. The new application calls for 136 residential units. The company, founded by brothers Ben and Joe Hakimian, purchased the site, 244 West 49th Street, in 2003 for $13.1 million and were partnering with Gorjian Properties to develop

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Intel nah, Micron maybe: Texas could get another multibillion-dollar semiconductor plant

The chances that Texas will land another multibillion-dollar semiconductor plant just got slightly better. A site that Micron Technology was considering in Chatham County, North Carolina, is off the table, the Austin Business Journal reported. That eliminates one of the many competitors vying to land the factory. Micron has been poking around Calwell and Williamson counties in central Texas for a few months. The Boise, Idaho, corporation is one of the largest semiconductor companies in

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Black Spruce picks up Queens multifamily portfolio

Almost a year after hitting the market, a Queens portfolio sold to an emerging name in the multifamily sector: Black Spruce Management. Records show Josh Gotlib’s company purchased the four-building portfolio in Briarwood for $87.2 million from The Musso Group. The seller was marketing the property a year ago with an asking price of $99 million. The Musso Group bought the pair of apartment buildings at 80-08 and 81-10 135th Street in 2009 for $28

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Brookfield scores $330M refi at Greenpoint Landing

The former loan providers of at one Greenpoint Landing development are getting the slip, having their debt retired in favor of a new refinancing. Brookfield Properties scored a $330 million refinancing of Two Blue Slip from MF1 Capital, the Commercial Observer reported The loan is for a floating rate and has a five-year term. The debt retires the roughly $217 million construction loan provided in late 2018 by a group of four international lenders, led

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Amencio Ortega buys Toronto’s Royal Bank Plaza

Billionaire Amancio Ortega, the Zara clothing founder, is making a splash in Toronto. Ortega paid the equivalent of $961 million to buy the city’s gold-clad Royal Bank Plaza skyscraper, one of the biggest sales for an office building globally since the start of the coronavirus pandemic, Bloomberg reported. The seller was Oxford Properties, the real estate arm of Ontario’s pension fund for municipal workers, and the Canada Pension Plan Investment Board. The funds put the

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Office subleases abound in North Dallas suburbs

The newest tower in Plano, a suburb north of Dallas, is on the sublease market. Reata Pharmaceuticals has a long-term lease on the just-completed, 20-story tower at 6100 Legacy Drive, the Dallas Morning News reported. Reata was set to move its current Plano headquarters to the new 327,000-square-foot building this summer. After a US Food and Drug Administration decision didn’t go its way and its stock traded down 80 percent from where it was last

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McCann Realty Partners swings two Texas multifamily deals

Texas multifamily properties are the thing among investors these days, apparently. Virginia-based McCann Realty Partners bought two garden-style apartment communities in Houston late last year, adding 526 units to its Texas portfolio. The purchase price was not disclosed, as Texas is one of 12 US states where sales prices do not appear in public records. Both deals were funded with an institutional equity partner. Discovery at West Road, formerly known as Watermarke, is the larger

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Omni NY inks indoor playground chain to 33K sf lease in Jamaica

Kidz Klub is coming to Queens. The children’s indoor playground chain signed a lease for 32,500 square feet at Omni New York’s recently completed mixed-use development known as Archer Green at 92-23 168th Street in Jamaica. Kidz Klub, which currently has three locations in Connecticut malls, will pay $25 per square foot on its 20-year lease. “Their intent is to really expand their footprint in this area,” said Greg Parassio, managing partner at Booth Capital,

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NYU Schack Institute Dean Sam Chandan stepping down to join Stern

Sam Chandan is stepping down from his position as dean of the Schack Institute at NYU’s School of Professional Studies. But he won’t be going far. Chandan is joining the faculty of NYU Stern School of Business to head the school’s real estate programs. He will start next week. As the dean of the program, Chandan held one of New York’s most prominent positions in real estate academia and worked directly with New York real

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